Airbnb Q4 2021 Earnings Report
Key Takeaways
Airbnb's Q4 2021 demonstrated a strong recovery with revenue reaching $1.5 billion, a 78% year-over-year increase. The company achieved a net income of $55 million, marking a record for the fourth quarter, and an Adjusted EBITDA of $333 million, the highest ever for a fourth quarter. Nights and Experiences Booked totaled 73.4 million, and Gross Booking Value reached $11.3 billion.
Q4 revenue of $1.5 billion was 38% higher than Q4 2019.
Q4 net income of $55 million was a record for the fourth quarter.
Q4 Adjusted EBITDA of $333 million was the most profitable fourth quarter ever.
Gross Booking Value was $11.3 billion in Q4, representing 32% growth compared to Q4 2019.
Airbnb
Airbnb
Forward Guidance
Airbnb anticipates a strong Q1 2022, expecting Nights and Experiences Booked to significantly exceed Q1 2019 levels and Q1 2022 ADR to be up approximately 4% from Q1 2021.
Positive Outlook
- Impact of Omicron has quickly dissipated.
- Guests are confidently booking for the summer travel season early in the year.
- Lead-time for bookings made in Q1 2022 return to pre-pandemic levels in the U.S. and Europe.
- Strong demand coming out of Latin America.
- Expects revenue in Q1 2022 to decrease modestly on an absolute basis relative to Q4 2021.
Challenges Ahead
- Forecasting several quarters out remains challenging given continued Covid-related uncertainties.
- Growth in APAC has not yet recovered to 2019 levels.
- Full year revenue and Adjusted EBITDA will be highly sensitive to movements in ADR.
- Expect Adjusted EBITDA margin to be directionally in-line with 2021 as sales and marketing expense as a percent of revenue is expected to remain relatively flat.
- Seasonally long lead times for Q1 Nights and Experiences Booked